[amp_mcq option1=”Flat Tax” option2=”Regressive Tax” option3=”Progressive Tax” option4=”Proportional Tax” correct=”option3″]<\/p>\n
The correct answer is C) Progressive Tax.<\/p>\n
A progressive tax is a tax system in which the tax rate increases as the taxable income increases. This means that people who earn more money pay a higher percentage of their income in taxes than people who earn less money.<\/p>\n
India has a progressive tax system. The income tax rates in India range from 5% to 30%. The highest tax rate is applied to people who earn the most money.<\/p>\n
A flat tax is a tax system in which everyone pays the same percentage of their income in taxes, regardless of how much they earn. A regressive tax is a tax system in which the tax rate decreases as the taxable income increases. This means that people who earn more money pay a lower percentage of their income in taxes than people who earn less money. A proportional tax is a tax system in which the tax rate is the same for everyone, regardless of their income.<\/p>\n
Here is a table showing the income tax rates in India for the financial year 2022-2023:<\/p>\n
Income (in Indian rupees) | Tax rate
\n——- | ——–
\nUp to 2.5 lakh | 5%
\n2.5 lakh to 5 lakh | 10%
\n5 lakh to 10 lakh | 15%
\n10 lakh to 15 lakh | 20%
\n15 lakh to 20 lakh | 25%
\n20 lakh and above | 30%<\/p>\n
As you can see, the tax rate increases as the income increases. This is an example of a progressive tax system.<\/p>\n","protected":false},"excerpt":{"rendered":"
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